Laurence S
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Yes he should go for a debt consolidation program. Following are the benefits with going with consolidation program:
# You can consolidate loans taken from more than one lender
# You can reduce monthly payments by up to 50%.
# You can extend your repayment plan all the way up to 30 years
# No prepayment penalties
# Low interest rates and monthly payments.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference which offer student debt consolidation program. |
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Firefightin' Momma
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Sucks to be a grown up. |
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cutie girlie
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have lodgers over in ur house they pay you , have a job and sell ur car u soon will have a dept free house trust me its worth every sacrifice ! |
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STEVEN F
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1. To whoever mentioned bankruptcy: STUDENT loans are NOT bankruptable.
2. Debt CONsolidation loans NEVER get anything under control. Living on LESS then your income and paying the difference on the debt does. If you do this, you don't need to CONsolidate. If you don't, you will just run your debt up even more. 80% of people that CONsolidate are in WORSE shape in 5 years than before they RENAMED the debt. |
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Ted
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For that much money, I hope he got a good marketable degree. Time to put it to use and start making money. Otherwise he just volunteered himself for a lifetime as an indentured servant.
PS - you can't BK student loans. |
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2cube
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Maybe we can help you email us anaxo27@shaw.ca |
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Nate the Great
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it will take a long time paying it back, so i would say that sucks |
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☆
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move out of the country |
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mamamia
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Does your friend have a Job ? or two ? this may be what he has to do work hard and repay these debts before he ends up bankrupt witout even getting started.
It is extremely important for him not to ruin his credit with student loans. Repay this dept immediately $500.00 month or more now and move out after this debt is paid off. Going to a debt consolidation company may not be the answer as his credit cards will be confiscated and most often the credit consolidation companies are only able to lower the monthly payments if he is delinquent on payments. If this is the case then they can arrange a more affordable payment schedule with the credit card companies. If he has good credit they will tell him he must go delinquent on all before they are able to consolidate and lower repayment amount.Remember Good credit is extremely important to have, some companies will ask for your credit report for Employment,Housing rentals, home purchase,car purchase etc..
Tell him "Do not spend any more on credit cards " !!
cut them up now and go Cash only
Cash only ..pay for what he can afford and dont rack up any more debt or Bankruptcy will be the next option.I have worked for a major Bank and I can tell you if he is not careful now and repay this, it will ruin his credit for many years. Remember also no intelligent person wants to be in a relationship with someone who comes with a HUGE bill. It can be a big turnoff, and it may shows his lack of Character and good intentions if he stiffs the bills.
Your friend ran up this bill and now must be a responsible Adult and repay his debt to Society.
It will be hard and sacrafices will be made but in the end he will sleep better knowing he is doing the right thing and repaid his debts.
A Man Should always have his Pride and Cash in his wallet
Credit cards are a scam - made to make you poor and in debt.Most people cant handle credit cards and the responsibility. |
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Miss M
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the best place to start is get in touch with a non-profit debt counseling agency. there are a lot of organizations that can get people started in the right direction of becoming debt-free and getting spending under control.
they should also keep in mind that shopping & spending habits might be part of an underlying issue that therapy/counseling would be able to help. it's a good idea to get in touch with your health care provider if impulsive shopping/spending is getting you in trouble.
here's a start for debt counseling: http://www.greenpath.com/ |
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Judas Rabbi
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having 75,000 $ worth of student loans in understandable....but if have that much debt from other stuff like credits etc, etc there is no excuse.....He should go to into debt consolidation, so he would only have to make one payment each month, leaving extra money in his pocket.. |
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Britisher
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What currency is it? |
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saharalynne_01
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He should look into loan deferrment for his student loans. I had to do that. You just call and say that you cannot afford your loan amount, and ask for a 12 month deferrment. You will still have to pay the interest but that's it. In that time, he should look for a good job and start chipping away at his ccard debt. |
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HEAD M&M IN CHARGE
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if that's a private student loan they can not claim that on bankruptcy. you can check about a student loan with a fixed rate but private loan they can make the rate anything they want. if they cant lower it consolidate is all they can do |
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jumpiejump
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These debt consolidation places are deceptive to say the least - most are rip-offs - so stay away from them. For the student loans part, try to negotiate with the gov't. They might slide a little. Otherwise, maybe declare bankruptcy to get that 'fresh' start. |
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beanerbobe
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suck it up |
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Etta
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call or e-mail suze orman |
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robert43041
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Unless said friend now has a tremendously good paying job I don't see how he will be able to meet whatever minimum payments, plus those credit card payments, plus the car stuff (necessity, or luxury?). Sounds to me like he's in a very deep hole and bankruptcy may be the only way out - though not a very nice, and one which also involves having to pay fees. Bankruptcy is not as easy as it sounds. |
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everythingspeachy2000
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Get some help in debt consolidation and pay off what you owe and don't take the easy way out with bankruptsy. We pay for that...and if someone borrows money they should pay for it. Even if it takes forever!
With debt consolidation you show responsibility and honesty and honor.... |
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Mr Brainz
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I HEAR A BANKRUPTCY!! |
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Franco
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You friend will go bankrupt and he deserves it.
How is it he did not think how he was going to get out of it, when he was getting in it? |
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